SEC and Ripple, following the U.S. District Court ruling that XRP is not a security when sold on public exchanges but is a security in Ripple’s direct institutional sales, filed a cross-appeal to the U.S. Court of Appeals for the Second Circuit

Quotes that support claims

In a 2023 partial ruling, Judge Torres found that XRP was not a security in public exchange sales, but that Ripple’s direct institutional sales did violate federal securities laws.

However, the SEC subsequently filed an appeal against the final judgement, causing Ripple to file a cross-appeal.

Such rulings are used when a case is on appeal and the trial court no longer has authority to act. In this instance, jurisdiction rested with the Second Circuit, where both parties filed cross-appeals after the final judgment in August 2024.